The grant is expected to help the project to gain approval for a $10 million federal loan, which is expected to attract private investors to meet the estimated $29.4 million needed for the renovation. The planned rehab for the 30-floor, 400-foot-tall building includes 140,371 sf of office space, a 96-room Marriott Courtyard hotel, and a lobby area with retail and restaurants. A second phase would add 81 apartments. The developer, Eyde Co., aims to begin the renovations in October 2012. The project is expected to create 368 permanent jobs.

Drew Ballensky is general manager of Duro-Last Roofing, Inc.’s central U.S. facility in Iowa and company spokesman for Duro-Last’s cool roofing, sustainability and architectural education programs. He is past-president of the Chemical Fabrics and Film Association and chairman of CFFA’s Vinyl Roofing Division. Drew earned his bachelor’s degree in industrial technology from the University of Northern Iowa and master’s degree in business administration from Florida State University.
Drew has over 29 years experience in business and industry in various engineering and managerial capacities. He has worked in the U.S. and Canadian operations for a major international manufacturer of pre-engineered steel buildings, was a financial analyst with a major athletic apparel manufacturer and was an owner of a general contracting company.